mREIT Dynex Capital Prices Fixed-to-Floating Rate Preferred–UPDATE

UPDATE–the OTC Grey Market temporary ticker is DXPBN. Thanks to Bob-in-Thailand for being on this.

Dynex Capital (DX) has priced their previously announced fixed-to-floating rate preferred.

The company is selling 4 million shares plus 600,000 for over allotment with an initial fixed rate of 6.90%. The coupon will float starting 4/15/2025 at the rate of 3 Month Libor plus 5.461%.

The issue is unrated and will be cumulative but not qualified.

The permanent ticker will be DX-C when it begins to trade on the permanent exchange.

Issue will trade OTC immediately, but the temporary ticker has not been announced as of this minute-we will post it when it is announced.

The company will redeem their DX-A 8.50% perpetual preferred with the proceeds of this new offering.

The pricing term sheet can be read here.

20 thoughts on “mREIT Dynex Capital Prices Fixed-to-Floating Rate Preferred–UPDATE”

  1. It is not available to trade at TDA. I can get a quote, and review the order but it won’t go through. I called in and the trade desk said I would have to wait a week!

  2. I can see it trading at Schwab- but can’t get it to trade online- that’s new.
    436k shares 24.90/24.98, was 24.72 to start, earlier saw 24.61

    1. I got it at schwab.com for some reason it’s available at the old site before streetsmart has it.

    2. For some reason, I saw a note to click on the “go to classic trade”- which I was in- then it worked & got mine- lost some $ with that screw-up. Schwab- you owe me!

  3. I’ve been expecting A to be called for quite a while–has had neg. YTC for years. I lost some nice dividends by selling almost all of mine several quarters too soon. Held on to 50 shares just to keep track of what I was losing. At least it was probably protecting my B (7.625% coupon), which is also well past call date.

  4. 6.9% is about as much as we could expect in today’s market. Probably open better than NRZ AGNC new issues.

      1. Bob,
        Do you have to register and log in in order to see the information?(FINRA.org)
        I went to their website but could not find “daily list: additions.”

        Thanks

        1. Bull, Here is the link. I tried to tee it up for you on the DXPBN date but it may change. Just use the calendar to adjust dates. I used to look at it daily, but this is the first time I have looked at it in 6 months. We have so many zealots on forum here now, I have become lazy and just wait for one of these fine forum members to post.

          https://otce.finra.org/otce/dailyList?viewType=Additions

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